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March 4, 2019

Carlyle Group purchases 9% stake in SBI Life Insurance for $776m

American investment firm Carlyle Group has purchased a 9% stake in India-based SBI Life Insurance Company from BNP Paribas Cardif in a transaction valued at around INR55bn ($776.22m).

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Carlyle Group executed the SBI Life deal through CA Emerald Investments, an affiliated entity of Carlyle Asia Partners V that focuses on acquisition and investments in various sectors in Asia Pacific region.

After completion of the deal, BNP Paribas Cardif and CA Emerald Investments hold 12.8% and 9% of the SBI Life, respectively. With a 62.1% stake, State Bank of India (SBI) remains the majority shareholder in the life insurance firm, which is the subsidiary of State Bank of India.

SBI managing director of global banking and subsidiaries Dinesh Kumar Khara said: “We are pleased with the tremendous strides made by SBI Life in establishing its position in the life insurance industry and appreciate the support given by BNP Paribas Cardif in this journey.

“We are also thrilled to welcome Carlyle, with whom we have an existing relationship through SBI Card, and look forward to its support to SBI Life in bolstering its franchise in the country.”

Carlyle Asia managing director of the buyout advisory team Sunil Kaul said: “The life insurance industry in India has strong growth potential thanks to favourable demographics and an increasing focus on financial savings.

“SBI Life, led by a strong management team, is helping deliver this promise in the life insurance space and is well-positioned to further benefit from industry trends. We are excited about the company’s growth prospects and proud to have this opportunity to support the journey.”

Recently, Carlyle invested in PNB Housing Finance and SBI Card in India.

In the financial services industry of Asia Pacific region, Carlyle has invested over $4bn of equity in over 15 private equity investments as of 31 December 2018, during the last two decades.

In August 2018, the last major deal in life insurance sector was an agreement to acquire Star Health and Allied Insurance  by a consortium of Westbridge Capital, Madison Capital and Rakesh Jhunjhunwala for around Rs60bn ($846.35m) – Rs65bn ($916.88m), reported Live Mint.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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